Press Service

The Central Bank of the Russian Federation (Bank of Russia)

Press Service

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Information Notice

On the BRICS Contingent Reserve Arrangement (CRA) Governing Council and Standing Committee inaugural meetings

On September 4, 2015, in Ankara, Turkey, the BRICS CRA Governing Council and Standing Committee inaugural meetings took place.

Holding of the first meetings of the CRA management bodies marks the beginning of the full functioning of the CRA as an international institute, which main goal stands for strengthening and development of the cooperation between the BRICS member countries.

The BRICS Contingent Reserve Arrangement Governing Council approved the Governing Council Procedural Rules that establishes the operating procedure for this body of the Pool responsible for strategic decision-making: determines its composition and authorities, procedure for holding meetings and making decisions (on the consensus basis).

Besides, the Governing Council approved the Standing Committee Procedural Rules which establish the operating procedure for this body responsible for operational support of activity of the Pool: determines the composition and functions of the Standing Committee, responsibilities of the coordinating country, procedure for holding meetings and making decisions (by simple majority of weighted votes for resource provision issues and on the consensus basis for other issues), sanctions in case of failing to meet obligations, and the procedure for settling disputes.

04 September 2015

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